Currency Market Overview - The dollar index fell to a 2-week low, finishing down by -0.05%, influenced by the strength of the yen and expectations of a Fed rate cut [1] - The US Nov ISM manufacturing index unexpectedly dropped to a 4-month low of 48.2, below expectations of 49.0, indicating economic weakness [3] - The swaps market indicates a 96% chance of a 25 basis point rate cut at the upcoming FOMC meeting on December 9-10 [3] Eurozone Insights - The EUR/USD pair rose to a 2-week high, up by +0.09%, supported by a weaker dollar and hawkish comments from ECB officials [4] - The Eurozone Nov S&P manufacturing PMI was revised downward to 49.6, marking the steepest contraction pace in 5 months [5] Federal Reserve Speculation - Kevin Hassett is a leading candidate to succeed Jerome Powell as Fed Chair, which could be bearish for the dollar due to his dovish stance and support for President Trump's interest rate policies [2]
Yen Strength Weighs on the Dollar
Yahoo Finance·2025-12-01 20:32